Are you currently a timeshare owner, but you are thinking you may not make your payments that you promised you would pay? If so, you should be aware that there are many consequences that will come your way if you don’t pay your dues on time! All timeshare ownership contracts are legally binding. Therefore, if you don’t make your payments on time, then you will be adversely affected in many ways. Your credit score will be impacted and it can cause you long-term repercussions such as foreclosure. Also, people who have tried to get out of their membership contract have been involved in timeshare scams, too. We have provided very important information below for timeshare owners that don’t pay their payments on time. Keep reading below to learn more so you can stay safe and always enjoy your vacation unit in Mexico.
Can I Quit Paying My Timeshare Payments?
Despite the reasons you may have for not wanting to not make your timeshare payments, you should do everything in your power to make arrangements to keep them paid. If not, you will have serious issues to deal with if you don’t make your timeshare payments on time. Don’t make that costly mistake as you will definitely regret it. Take time to organize your finances, so you can start making your timeshare payments before they default. Also, you will not be able to use your vacation unit if you don’t pay. You lose all of your member rights and privileges that your family loves so much! Any member that isn’t in good standing cannot use their unit or any of the amenities and services at the resort. Remember, the reasons for cancellation do not matter, so you need to make sure to always pay your timeshare dues on time!
Credit Score Affected
You probably already know that having a good credit score is important. When you want to purchase a home or car, your credit score will be considered. If you default on your timeshare payment, the debt will then be sold to a collection agency, and this will negatively affect your credit score even more. The collection agency could even sue you too, which would affect your credit score. Do you know that credit collection agencies are very persistent? They can even come to your home or place of employment. You will receive a written warning when your timeshare payment is late. Then, your provider will then contact you by email and by phone. If you ignore their attempts, then they can file for a foreclosure, which will affect your credit score even more so.
Cancellation Scams Should Be Avoided
Next, some vacation club members have unfortunately been involved in timeshare cancellation scams; did you know that? How does that happen? A fraudulent cancellation company will promise vacation club members that they can cancel their membership. However, we know that they cannot legally do that. The truth is no one can cancel their timeshare contract unless the member is still in the rescission period. Also known as the cooling off period, the rescission time frame occurs in the few days after the new membership contract has been signed. Despite this fact,fraudulent cancellation companies will try to convince members they can cancel their membership and ask for a large upfront fee. Once a member has been duped, the scammers will quickly disappear with your money without providing any services. To stay safe, you should only work with your personal provider, so you are never scammed.
Maintenance Fees Have to Be Paid
In addition to regular payments, maintenance fees have to be paid as well. All vacation club members have to pay their maintenance fees. These are important to help keep the property and common areas looking great all year round. If you don’t pay them, then you will not be able to use your vacation unit or the amenities. Plus, reinstatement fees will be added to your bill on top of the regular dues and maintenance fees. Check your membership contract to learn more about your maintenance fees.
As you can see, you will want to make sure you pay your timeshare dues on time! If you don’t, bad consequences will come your way. Remember, you joined a vacation club so you could have wonderful vacations with your loved ones. It’s a wonderful place to spend relaxing vacation moments with friends and family. Special vacation memories and quality moments are times you will cherish for a lifetime. Don’t risk losing that by not paying your timeshare dues. If you’re wondering where the part vacation club is in Mexico, check out Garza Blanca Resorts. Part of the prestigious Tafer Hotels & Resorts collection of luxury properties, Garza Blanca Resorts are located in Cabo, Cancun and Puerto Vallarta. Right now, they have special deals on all-inclusive travel packages. During your stay, ask to see if you are eligible to join their exclusive vacation club. Contact them today to learn more!
